DUBLIN--(BUSINESS WIRE)--The "Anticorrosion Coatings: Global Markets" report has been added to ResearchAndMarkets.com's offering.
The global anti-corrosion coatings market should grow from $26.7 billion in 2019 to $32.5 billion by 2024, at CAGR of 4% during the forecast period of 2019-2024.
The global anti-corrosion coatings market is driven by a rise in its penetration beyond conventional applications across end-users such as construction, automotive, transportation, consumer durables and industrial machineries, to name a few. The majority of these end-user applications are in turn driven by consumers who contribute to each of these growth engines of the economy. Macroeconomic factors such as consumer confidence, purchase power, investment climate, manufacturing base expansion and trade relations are among the few specific parameters that decide the growth of the anti-corrosion coatings market.
Demand for water-based coatings is expected to rise over the forecast period due to increasing awareness about the ill effects of solvent-based coatings and various regulations regarding VOCs and hazardous air pollutants that are harmful to the environment. The guidelines provided by various regulatory bodies applicable to coatings manufacturers are stringent due to the carcinogenic and flammable properties of solvents. Therefore, powder and water-based coatings are expected to gain popularity over the forecast period owing to their Volatile Organic Compounds (VOCs)-free property.
The ongoing crisis due to the COVID-19 pandemic has caused a severe disruption in various end-use industries owing to several restrictions on cross-border trades and lockdown imposed by several governments to contain the spread, resulting in slower market growth. The situation is in continuation of the impact of global trade drifts that started in mid-2018, further intensified by the pandemic.
Asia is expected to remain a prominent consumer of coatings and is expected to observe the fastest growth in the coming years due to the prowess of its manufacturing base. In addition, the increasing competitiveness of regional end-user demand fueled by government initiatives to secure the local economy is expected to drive countries' specific industrial output over the forecast period.
The architectural application segment is expected to have high penetration due to increasing construction and infrastructure activities in Asia-Pacific and the Middle East. An increasing application scope in the architectural industry such as for interior and exterior walls, doors, trims, and facades is expected to further drive the market. Strict government regulations restricting VOC emissions and solvent content are expected to be a key factor boosting the demand for water-borne anti-corrosion coatings in the architectural industry. Increasing demand for maintenance works and special primers for concrete and metal structures are expected to drive demand for high-performance coatings.
The industrial segment is expected to exhibit high penetration over the forecast period. Increasing demand for water-borne and powder coatings owing to the need for maintaining a healthy working environment is projected to fuel the market growth. The demand for anti-corrosion coatings is expected to grow at a moderate rate due to the wide spread of the industrial application.
The automotive application segment is expected to grow at the highest CAGR over the forecast period. An increasing middle-class income level coupled with rising living standards in the emerging economies of Asia-Pacific and Central and South America are projected to fuel automotive sales. The low cost of production of water-borne coatings, coupled with the longer shelf life of powder coatings, is expected to drive the demand.
The report includes:
- 69 data tables and 35 additional tables
- An updated overview of the global market for anti-corrosion coatings
- Analyses of the global market trends, with data corresponding to market size for 2018-2019, estimates for 2020, and projections of CAGRs through 2024
- Detailed insights into factors driving and restraining the growth of the global anti-corrosion coatings market and a country-level market value analysis for each segment
- Estimation of market size and forecast the potential market for anti-corrosion coatings, along with global market share analysis on the basis of product type, technology, end-user with major regions and countries involved
- Latest information on market opportunities, prospects and threats, new and upcoming technologies, regulatory developments, and demographic shifts that are affecting the market
- Industry value chain analysis of global anti-corrosion coatings market providing a systematic study of the key intermediaries involved, which could further assist stakeholders in formulating appropriate strategies
- Key merger and acquisition deals, partnerships, innovations, joint ventures and other market strategies within the anti-corrosion coatings industry
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Assessment of the competitive landscape and detailed profiles of the major listed companies
Key Topics Covered:
- Executive Summary
- Overview
- Market Breakdown by Type of Product
- Market Breakdown by Technology
- Market Breakdown by End User
- Market Breakdown by Region
- Market Breakdown by Country
- Industry Structure
- Competitive Landscape
Company Profiles
- 3M
- AkzoNobel N.V.
- Ashland LLC
- Axalta Coating Systems Ltd.
- BASF SE
- DuPont Chemical Co.
- Hempel A/S
- Jotun
- Kansai Paint Co. Ltd.
- Nippon Paint
- PPG Industries
- RPM Industries
- The Dow Chemicals Co.
- The Sherwin-Williams Co.
- Wacker Chemie AG
For more information about this report visit https://www.researchandmarkets.com/r/md46ik
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